GEST LIVE: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
GEST LIVE
Largest movements
- Tangible fixed assets +€4.8m
up €4.8m (+459.7%), from €1.0m to €5.8m
of which Leasing and similar rights: +€4.8m
- Receivables after one year +€4.3m
new in 2025: €4.3m
- Receivables within one year +€293,124
up €293,124 (+61.1%), from €479,643 to €772,767
of which Other amounts receivable: +€316,704
- Deferred charges and accrued income +€173,847
up €173,847 (+224.7%), from €77,358 to €251,205
- Accrued charges and deferred income +€4.5m
new in 2025: €4.5m
- Debts after one year +€4.3m
up €4.3m (+2223.4%), from €193,908 to €4.5m
- Short-term financial debts +€183,124
up €183,124 (+205.6%), from €89,077 to €272,201
- Profit (loss) carried forward +€179,911
up €179,911 (+39.1%), from €460,501 to €640,412
- Other debts +€166,623
up €166,623 (+609.2%), from €27,350 to €193,972
- Gross operating margin +€207,715
up €207,715 (+9.3%), from €2.2m to €2.4m
- Financial charges +€95,809
up €95,809 (+528.5%), from €18,127 to €113,936
- Depreciation +€67,331
up €67,331 (+110.6%), from €60,860 to €128,191
- Financial income +€64,846
up €64,846 (+32411.6%), from €200 to €65,046
- Staff costs -€50,251
down €50,251 (-2.5%), from €2.0m to €2.0m
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,594,512 | €11,154,340 | +€9.6m | +599.5% |
| Fixed assets | 21/28 | €1,037,045 | €5,810,166 | +€4.8m | +460.3% |
| Intangible fixed assets | 21 | - | €6,077 | +€6,077 | |
| Tangible fixed assets | 22/27 | €1,037,045 | €5,804,089 | +€4.8m | +459.7% |
| Land and buildings | 22 | €1,006,687 | €240,236 | -€766,451 | -76.1% |
| Plant, machinery and equipment | 23 | €24,138 | €18,103 | -€6,034 | -25.0% |
| Furniture and vehicles | 24 | €6,220 | €29,066 | +€22,846 | +367.3% |
| Leasing and similar rights | 25 | - | €4,750,233 | +€4.8m | |
| Other tangible fixed assets | 26 | - | €766,451 | +€766,451 | |
| Current assets | 29/58 | €557,467 | €5,344,174 | +€4.8m | +858.7% |
| Amounts receivable after more than one year | 29 | - | €4,315,000 | +€4.3m | |
| Other amounts receivable | 291 | - | €4,315,000 | +€4.3m | |
| Amounts receivable within one year | 40/41 | €479,643 | €772,767 | +€293,124 | +61.1% |
| Trade receivables | 40 | €281,650 | €258,070 | -€23,580 | -8.4% |
| Other amounts receivable | 41 | €197,993 | €514,697 | +€316,704 | +160.0% |
| Cash at bank and in hand | 54/58 | €467 | €5,203 | +€4,736 | +1014.8% |
| Deferred charges and accrued income | 490/1 | €77,358 | €251,205 | +€173,847 | +224.7% |
| Total equity and liabilities | 10/49 | €1,594,512 | €11,154,340 | +€9.6m | +599.5% |
| Equity | 10/15 | €615,592 | €795,503 | +€179,911 | +29.2% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €31,145 | €31,145 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €460,501 | €640,412 | +€179,911 | +39.1% |
| Amounts payable | 17/49 | €978,921 | €10,358,837 | +€9.4m | +958.2% |
| Amounts payable after more than one year | 17 | €193,908 | €4,505,187 | +€4.3m | +2223.4% |
| Financial debts | 170/4 | €193,908 | €4,505,187 | +€4.3m | +2223.4% |
| Amounts payable within one year | 42/48 | €785,012 | €1,338,331 | +€553,318 | +70.5% |
| Current portion of amounts payable after more than one year | 42 | €69,181 | €235,758 | +€166,577 | +240.8% |
| Financial debts | 43 | €89,077 | €272,201 | +€183,124 | +205.6% |
| Credit institutions | 430/8 | €89,077 | €272,201 | +€183,124 | +205.6% |
| Trade debts | 44 | €83,693 | €131,001 | +€47,307 | +56.5% |
| Suppliers | 440/4 | €83,693 | €131,001 | +€47,307 | +56.5% |
| Taxes, remuneration and social security | 45 | €515,711 | €505,398 | -€10,313 | -2.0% |
| Taxes | 450/3 | €87,645 | €139,208 | +€51,563 | +58.8% |
| Remuneration and social security | 454/9 | €428,066 | €366,190 | -€61,876 | -14.5% |
| Other amounts payable | 47/48 | €27,350 | €193,972 | +€166,623 | +609.2% |
| Accrued charges and deferred income | 492/3 | - | €4,515,319 | +€4.5m | |
| Non-recurring operating income | 76A | - | €106,728 | +€106,728 | |
| Remuneration, social security and pensions | 62 | €2,046,105 | €1,995,854 | -€50,251 | -2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,860 | €128,191 | +€67,331 | +110.6% |
| Other operating charges | 640/8 | €23,435 | €25,812 | +€2,377 | +10.1% |
| Gross operating margin | 9900 | €2,238,998 | €2,446,713 | +€207,715 | +9.3% |
| Operating profit (loss) | 9901 | €108,597 | €296,855 | +€188,258 | +173.4% |
| Financial income | 75/76B | €200 | €65,046 | +€64,846 | +32411.6% |
| Recurring financial income | 75 | €200 | €65,046 | +€64,846 | +32411.6% |
| Financial charges | 65/66B | €18,127 | €113,936 | +€95,809 | +528.5% |
| Recurring financial charges | 65 | €18,127 | €113,936 | +€95,809 | +528.5% |
| Profit (loss) for the period before taxes | 9903 | €90,670 | €247,965 | +€157,296 | +173.5% |
| Income taxes | 67/77 | €27,890 | €68,054 | +€40,164 | +144.0% |
| Profit (loss) for the period | 9904 | €62,780 | €179,911 | +€117,131 | +186.6% |
| Profit (loss) for the period to be appropriated | 9905 | €62,780 | €179,911 | +€117,131 | +186.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.